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COMPANY REGISTRATION NUMBER: 03499793
First Ascent Group Ltd
Filleted Unaudited Financial Statements
For the year ended
31 May 2023
First Ascent Group Ltd
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
£
£
Fixed assets
Intangible assets
5
24,075
Tangible assets
6
13,259
11,546
Investments
7
166,556
---------
--------
179,815
35,621
Current assets
Debtors
8
508,698
136,220
Cash at bank and in hand
508,473
591,774
------------
---------
1,017,171
727,994
Creditors: amounts falling due within one year
9
466,887
400,675
------------
---------
Net current assets
550,284
327,319
---------
---------
Total assets less current liabilities
730,099
362,940
Creditors: amounts falling due after more than one year
10
27,741
Provisions
3,315
2,586
---------
---------
Net assets
699,043
360,354
---------
---------
Capital and reserves
Called up share capital
999
999
Share premium account
29,004
29,004
Profit and loss account
669,040
330,351
---------
---------
Shareholders funds
699,043
360,354
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
First Ascent Group Ltd
Statement of Financial Position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 16 February 2024 , and are signed on behalf of the board by:
Mr S Cranwell
Director
Company registration number: 03499793
First Ascent Group Ltd
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is St John's Innovation Centre, Cowley Road, St John's Innovation Park, Cambridge, CB4 0WS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents training services and the hire of facilities provided during the year, exclusive of Value Added Tax. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to stage of completion.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Over the estimated life of 15 years
Other intangible asset
-
Over the estimated life of 6 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% on cost
Equipment
-
25% on cost
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2022: 11 ).
5. Intangible assets
Goodwill
Other intangibles
Total
£
£
£
Cost
At 1 June 2022 and 31 May 2023
361,248
135,613
496,861
---------
---------
---------
Amortisation
At 1 June 2022
337,173
135,613
472,786
Charge for the year
24,075
24,075
---------
---------
---------
At 31 May 2023
361,248
135,613
496,861
---------
---------
---------
Carrying amount
At 31 May 2023
---------
---------
---------
At 31 May 2022
24,075
24,075
---------
---------
---------
6. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 June 2022
22,830
35,947
58,777
Additions
698
5,386
6,084
--------
--------
--------
At 31 May 2023
23,528
41,333
64,861
--------
--------
--------
Depreciation
At 1 June 2022
14,217
33,014
47,231
Charge for the year
2,182
2,189
4,371
--------
--------
--------
At 31 May 2023
16,399
35,203
51,602
--------
--------
--------
Carrying amount
At 31 May 2023
7,129
6,130
13,259
--------
--------
--------
At 31 May 2022
8,613
2,933
11,546
--------
--------
--------
7. Investments
Shares in group undertakings
£
Cost
At 1 June 2022
Additions
166,556
---------
At 31 May 2023
166,556
---------
Impairment
At 1 June 2022 and 31 May 2023
---------
Carrying amount
At 31 May 2023
166,556
---------
At 31 May 2022
---------
8. Debtors
2023
2022
£
£
Trade debtors
391,950
77,719
Other debtors
116,748
58,501
---------
---------
508,698
136,220
---------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
66,305
82,353
Amounts owed to group undertakings
8,042
Social security and other taxes
229,351
140,643
Other creditors
163,189
177,679
---------
---------
466,887
400,675
---------
---------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
27,741
--------
----
11. Directors' advances, credits and guarantees
During the current and previous year the company made advances to and received repayments from a director. Interest has been charged at the official HMRC rate on any overdrawn loan account balances. There are no repayment terms.
2023 2022
£ £
Advances 4,540
Repayments 4,719
During the current and previous year the company made advances to and received repayments from a director. Interest has been charged at the official HMRC rate on any overdrawn loan account balances. There are no repayment terms.
2023 2022
£ £
Advances 24,201
Repayments 29,895
12. Operating leases
At 31 May 2023, the company had total commitments under non-cancellable obligations of £40,239 (2022: £22,521).